Legacy Housing Corp LEGH
In this Form 10-K, unless otherwise indicated or the context otherwise requires, "Legacy," "the Company," "we," "us" or "our" refer to Legacy Housing Corporation, a Texas corporation.
We build, sell, and finance manufactured homes and "Tiny Houses" that are distributed through a network of independent retailers and company-owned stores and also sold directly to manufactured home communities. The company was founded in 2005, and our corporate office is located in Bedford, Texas (between Dallas and Fort Worth). We completed our initial public offering in December 2018 and our common stock trades on The Nasdaq Global Select Market under the symbol "LEGH."
We are one of the largest producers of manufactured homes in the United States. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 to 2,667 square feet consisting of 1 to 5 bedrooms, and 1 to 31/2 bathrooms. Our homes range in price, at retail, from approximately $47,000 to $200,000. During 2025, we sold 1,703 units (which are entire homes or single floors).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $116.9M | $129.3M | $145.1M | $222.1M | $166.0M | $147.5M | $143.2M | $139.2M | — |
| Cost of revenue | $84.8M | $90.1M | $99.7M | $150.1M | $114.0M | $109.7M | $104.9M | $107.2M | — |
| Gross profit | $32.1M | $39.3M | $45.4M | $71.9M | $51.9M | $37.8M | $38.3M | $31.9M | — |
| SG&A | $29.6M | $22.3M | $24.3M | $27.6M | $23.3M | $19.1M | $25.5M | $21.0M | — |
| Total operating expenses | $116.2M | $120.6M | $124.6M | $179.0M | — | — | — | — | — |
| Operating income | $48.4M | $63.6M | $64.6M | $78.0M | $58.9M | $47.6M | $37.8M | $32.8M | — |
| Interest expense | $28.0K | $689.0K | $930.0K | $375.0K | $887.0K | $1.1M | $702.0K | $2.5M | — |
| Pre-tax income | $51.6M | $76.0M | $68.7M | $82.1M | $60.6M | $48.8M | $37.6M | $30.6M | — |
| Income tax | $9.8M | $14.4M | $14.3M | $14.4M | $10.8M | $10.8M | $8.7M | $9.1M | — |
| Net income | $41.8M | $61.6M | $54.5M | $67.8M | $49.9M | $38.0M | $28.8M | $21.5M | — |
| EPS, basic | 1.74 | 2.55 | 2.23 | 2.78 | 2.06 | 1.57 | 1.18 | 1.07 | — |
| EPS, diluted | 1.74 | 2.48 | 2.17 | 2.74 | 2.05 | 1.57 | 1.18 | 1.07 | — |
| Shares, diluted (wtd. avg.) | $24.0M | $24.9M | $25.1M | $24.7M | $24.3M | $24.2M | $24.4M | $20.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.5M | $1.1M | $748.0K | $2.8M | $1.0M | $768.0K | $1.7M | $2.6M | $428.0K |
| Receivables | $5.5M | $4.0M | $4.7M | $4.9M | $5.1M | $3.5M | $1.8M | $3.0M | — |
| Inventory | $39.9M | $37.5M | $41.0M | $32.1M | $42.0M | $27.2M | $27.2M | $42.0M | — |
| Total current assets | $164.7M | $124.3M | $115.7M | $107.1M | $92.5M | $54.6M | $53.0M | $63.1M | — |
| Property, plant and equipment | $60.5M | $47.6M | $37.9M | $30.1M | $27.5M | $22.6M | $21.0M | $17.1M | — |
| Goodwill | $2.5M | — | — | — | — | — | — | — | — |
| Other intangibles | $5.2M | — | — | — | — | — | — | — | — |
| Total assets | $580.3M | $534.2M | $506.7M | $436.8M | $366.7M | $338.6M | $283.6M | $235.0M | — |
| Accounts payable | $6.4M | $5.1M | $4.1M | $4.5M | $4.2M | $10.2M | $5.2M | $2.8M | — |
| Total current liabilities | $46.9M | $32.7M | $37.3M | $41.5M | $41.9M | $36.4M | $51.9M | $20.4M | — |
| Total liabilities | $51.7M | $40.2M | $70.0M | $54.7M | $57.3M | $79.4M | $61.2M | $45.8M | — |
| Retained earnings | $363.2M | $321.4M | $259.8M | $206.0M | $138.2M | $88.4M | $50.4M | $21.5M | — |
| Total equity | $528.6M | $494.0M | $436.7M | $382.1M | $309.4M | $259.2M | $222.4M | $189.3M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $37.2M | $36.0M | -$13.5M | -$1.7M | $60.3M | -$1.8M | -$4.2M | $2.8M | — |
| Depreciation and amortisation | $1.9M | $1.9M | $1.7M | $1.9M | $1.6M | $1.2M | $1.0M | $838.0K | — |
| Stock-based compensation | $458.0K | $777.0K | $769.0K | $4.9M | $230.0K | $226.0K | $630.0K | — | — |
| Capital expenditure | $9.0M | $9.2M | $7.7M | $3.8M | $6.0M | $2.8M | $4.2M | $6.1M | — |
| Investing cash flow | -$22.1M | -$6.7M | -$9.8M | $9.1M | -$31.9M | -$2.7M | -$15.1M | -$4.5M | — |
| Financing cash flow | -$7.7M | -$28.9M | $21.2M | -$5.6M | -$28.1M | $3.6M | $18.4M | $3.8M | — |
| Buybacks | $7.6M | $5.4M | — | — | — | $1.4M | $3.1M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-027133.
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